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court case of a couple of years ago and, obviously, municipal concerns like the city of detroit. define for us what exactly is eminent domain? >> guest: well, thank you, bill. and, again, it's a pleasure to be back on "washington journal." eminent domain is the power of government to take private property. it's actually a very old power. kings in europe exercised it hundreds of years ago. garage -- gradually the custom arose that people have to be compensated when their property was taken. and it was certainly an attribute of the british crown. so after the revolution the states had the power, and interestingly the fifth amendment to the federal constitution says that nor shall private property be taken without just compensation. it doesn't actually give the federal government the power, it simply assumes that as a sovereign the federal government has that power. >> and was that fifth amendment built into the constitution based on the experiences of the colonies with the crown? >> well, this is a very fascinating point because the crown had abused the colonies in, many ways. so you have
for the administration to say, oh, we're behind you, detroit. no. we said to wall street $800 billion we're behind you, so that's being behind me. [laughter] >> okay. mark -- [inaudible] that's behind you. what would be some of those policies? >> so wall street caused more damage than what we have put into the budget. there needs to be a financial transaction tax, because when they -- [applause] we lose. and they have to pay for cleaning up the whole mess. not just their mess, not just the mess that let them get their jobs back, get their bonuses back and then argue for a tax cut after they got their bonuses and we saved their bankrupt companies. if we saved aig that was bankrupt, we can save detroit that's bankrupt. and if aig who caused the downturn in the first place could get a bonus because it stated in their contract they had to get a bonus, then detroit city workers can get a pension just hike it said in their contract. [applause] .. which of course makes the united states different and unique from other countries in the world supporting the immigrants now no other country even comes close. but
of when they think of boston politics. >> what other races are you keeping an eye on? >> one is detroit. field ofthis candidates narrowed in a runoff to just two contenders for a job which is very important right now. the election itself may be less important compared to what happens after the election. how much power the mayor will even have when there is an emergency manager with sweeping authority. there is also houston. a democratic mayor is running a republicanerm opponent. she was elected mayor of houston, it became the largest american city with an openly gay mayor. you wouldy necessarily stereotype houston, texas. texas, it is worth keeping an eye on what happens there. if you cover politics and policy in this era of budget -- >> you cover politics and policy. what can mayor is expected from washington regarding infant -- regarding infrastructure, the nuts and bolts. >> you talk to mirrors over the country -- you talk to mi ayors and they are fed up with how little support they get from washington. certainty.ally no stimulusof ways, the that a lot of folks credit with helping gi
as we have seen in europe and detroit last week? >> you frame this very well. i think it's a important as said to put things in context. when i go back to those years, it was an extraordinary time in american fiscal history. i will never forget being called to an emergency meeting in the fall of 2008 to the majority leader's office. they had been chairing the meeting on energy in another part of the capitol complex. i walked in and there may be 16 or 17 people in the room and in the house and the senate, republicans and democrats. the psychiatry of the treasury and the bush administration was about 6 o'clock in the evening they posted a guard at the door and closed the door. it was very unusual, as you know. and i knew something dramatic was afoot. i sat down and the meeting began. the secretary of the treasury and the federal reserve told us they were taking over the large insurance company the next day and they made very clear they were out there to seek our advice or approval. they were there to inform us they were taking the steps and they told us that if they did not do it they be
painful constraints to calm as we have seen in europe and detroit last week? >> you no, you framed this all very well. i think it's so important as tommy said to put things in context. when i go back to those years, it was an extraordinary time in american fiscal history. i will never forget being called to an emergency meeting in the fall of 2008 to the majority leader's office. i was the last to arrive because i had been chairing a meeting on energy and another part of the capitol complex and i walked then and there were 16 or 17 people in the room leaders in the house and senate republicans and democrats. the chairman of the federal reserve and the secretary of the treasury of the bush administration and it was about 6:00 in the evening. they actually posted a guard at the door and close the door. it was very unusual as you know. i knew something dramatic was afoot. and i sat down and the meeting began. this degree of the treasure in the chairman of the federal reserve told us they were taking over aig the large insurance company the next day. they made very clear they were not
Search Results 0 to 4 of about 5

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